Lord Abbett & CO. LLC Lowers Stock Position in MakeMyTrip Limited $MMYT

Key Points

• Lord Abbett & CO. LLC reduced its holdings in MakeMyTrip Limited by 94.3%, owning only 255,048 shares after selling over 4 million shares in the first quarter.
• Mirae Asset Global Investments significantly increased its position in MakeMyTrip by 9,724.0%, acquiring an additional 23.8 million shares, and now holds more than 24 million shares valued at over $2.36 billion.
• Analysts' ratings for MakeMyTrip have varied, with Wall Street Zen downgrading it from "hold" to "sell", while Citigroup maintained a "buy" rating with a target price decrease to $120.

Lord Abbett & CO. LLC cut its stake in shares of MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 94.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 255,048 shares of the technology company's stock after selling 4,213,493 shares during the period. Lord Abbett & CO. LLC owned about 0.23% of MakeMyTrip worth $24,992,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of MakeMyTrip by 9,724.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,132,381 shares of the technology company's stock worth $2,364,732,000 after buying an additional 23,886,735 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of MakeMyTrip by 40.0% during the first quarter. Baillie Gifford & Co. now owns 5,155,202 shares of the technology company's stock worth $505,158,000 after buying an additional 1,471,660 shares in the last quarter. GQG Partners LLC grew its holdings in shares of MakeMyTrip by 273.2% during the first quarter. GQG Partners LLC now owns 2,009,506 shares of the technology company's stock worth $196,911,000 after buying an additional 1,470,985 shares in the last quarter. Ninety One UK Ltd grew its holdings in shares of MakeMyTrip by 1,586.6% during the first quarter. Ninety One UK Ltd now owns 772,853 shares of the technology company's stock worth $75,732,000 after buying an additional 727,030 shares in the last quarter. Finally, Ninety One North America Inc. purchased a new stake in shares of MakeMyTrip during the first quarter worth $18,737,000. 51.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MMYT. Macquarie raised shares of MakeMyTrip from a "neutral" rating to an "outperform" rating and set a $110.00 target price for the company in a report on Tuesday, June 24th. Citigroup decreased their target price on shares of MakeMyTrip from $125.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, July 23rd. Finally, Wall Street Zen cut shares of MakeMyTrip from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $120.00.

MakeMyTrip Stock Up 0.5%

MakeMyTrip stock traded up $0.4760 during mid-day trading on Wednesday, hitting $101.9960. The company had a trading volume of 451,221 shares, compared to its average volume of 1,036,445. The stock has a market cap of $11.35 billion, a price-to-earnings ratio of 118.84 and a beta of 0.86. MakeMyTrip Limited has a 1 year low of $81.84 and a 1 year high of $123.00. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 18.35. The business has a fifty day moving average of $95.95 and a 200 day moving average of $99.44.

About MakeMyTrip

MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing.